The course correction for CBoT maize is already over

This morning the corn prices at the CBoT can recover a little from the heavy loss of yesterday. It was the biggest daily loss in nearly seven weeks. The expectation of further purchases from China is likely to further support prices.
However, the USDA had upgraded its crop ratings for corn last night, which stands in the way of a larger price gain.
Even if China's huge demand for US agricultural commodities is supporting prices in the US, the supply situation in the world is still very good at the moment, traders in Sydney analyze this morning.
While soybean prices rose to their highest level in more than two years, corn prices have "only" climbed to a six-month high. China is in the process of replenishing its stocks of feed raw materials, as demand is now rising again after having survived heavy losses from the aftermath of the African swine fever.
The USDA reported larger export orders again yesterday. For example 132,000 tons of soybeans to China. In addition, dealers in Pakistan and unknown recipients also bought US agricultural commodities.
When evaluating field stocks in the US, the USDA reported grades similar to the previous week last night. The harvest of corn and soybeans has now started in the central growing regions in the Midwest.

Hansa Terminhandel GmbH
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